ONGC strikes it rich in KG Basin, output in FY17

After finding oil in the KG DWN 98/2 field it bought from Cairn India in 2005, ONGC has now found a large reserve of gas and hopes to begin production by FY17. According to the declaration of commerciality (DoC) ONGC submitted to the Directorate General of Hydrocarbons (DGH) last week, the field has 3-4 trillion cubic feet of gas and 90 million tonnes of crude oil, ONGC director (exploration) Narendra Verma told FE. The estimated capex to develop the field is $9 billion by 2030.

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